State issues $9 million bond for Laboure College expansion

MassDevelopment, the state’s finance and development agency, has issued a $9 million tax-exempt bond to help Labouré College, a Catholic nursing school, move 1.3 miles down the road from its longtime campus in Dorchester to 303 Adams St. in Milton.

The Patriot Ledger, Quincy, MA

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Posted Aug. 26, 2013 at 12:01 AM
Updated Aug 26, 2013 at 9:44 AM

Posted Aug. 26, 2013 at 12:01 AM
Updated Aug 26, 2013 at 9:44 AM

MILTON

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MassDevelopment, the state’s finance and development agency, has issued a $9 million tax-exempt bond to help Labouré College, a Catholic nursing school, move 1.3 miles down the road from its longtime campus in Dorchester to 303 Adams St. in Milton.

The bond was purchased by Blue Hills Bank. According to Labouré spokesperson Katelyn Dwyer the institution’s non-profit status will keep its interest rates on the bond down, and save the college $100,000 per year on its mortgage.

Dwyer said that about $6 million of the funding will go to pay off the mortgage on the Milton property. The rest will be used to pay for renovations on the property, including installing an elevator, adding addition parking and air conditioning.

The staff of Labouré college plans to move to its new campus after Labor Day, and plans to be ready to open when classes begin on September 9.

“At our new location, we can have bigger class sizes, and there will be more trees than in Dorchester. It’s a lot more collegiate-looking,” Dwyer said.

Labouré’s new home sits on a five acre parcel of land in Milton which previously served as Aquinas College, a secretarial school owned by the Sisters of St. Joseph until its closure in 2000. Currently, the Sisters continue to operate a convent and the Catholic girls’ high school Fontbonne Academy on the adjacent property.

The main building on the poerty, a large mansion, will serve as the college’s administrative and faculty offices. A second L-shaped cement building on the property will house classrooms and a library.

Laboure College was founded in 1892 as the Carney Hospital Training School for Nurses. It specializes in two- and four-year nursing programs and has a student body over 700 students.

During fiscal year 2012 MassDevelopment financed or managed 280 projects generating investment of over $2.3 billion for Massachusetts’ economy.